Bitcoin’s Surprise: Bad News Didn’t Stop its Rally
Over the past week, the bitcoin price has increased nearly 8% in a steady grind higher, taking it above the psychologically important USD 6,500 level The most interesting thing to note about the rally, however, is that it has come without any obvious fundamental drivers to point to, and despite news coverage that would normally be considered negative for the bitcoin price.
As seasoned traders and investors know, it is often considered a very bullish sign when an asset increases in price despite negative news coverage. It shows that the upward momentum is strong, and that there are buyers standing by in the market, ready to buy up even the slightest dip in price.